Argentine Government drops tax opportunities for crypto from the Omnibus Bill

Argentine Government drops tax opportunities for crypto from the Omnibus Bill
фото показано с : invezz.com

2024-1-31 13:10

The Argentine government has made a pivotal decision regarding the treatment of cryptocurrencies in the country’s legislative landscape. In a significant development, the government has opted to remove provisions related to crypto assets from the omnibus bill presented to Congress, sparking debates on the future of digital currencies in Argentina.

The omnibus bill, titled “Law of Bases and Starting Points for the Freedom of Argentines,” aimed to introduce sweeping reforms across various sectors, granting President Javier Milei enhanced legislative powers.

The Argentine government’s decision to exclude opportunities for declaring ownership of cryptocurrencies from the omnibus bill has raised eyebrows among stakeholders.

However, amidst a lack of consensus within Congress regarding the taxation of crypto assets, the government has opted to withdraw these proposals from the bill. Minister of Interior, Guillermo Francos, cited the need for expediency in passing the legislation, acknowledging delays in addressing the tax-related aspects of the bill. This move reflects the complexities surrounding the regulation of cryptocurrencies and the challenges of navigating legislative hurdles.

Crypto tax in Argentina

In Argentina, the taxation of cryptocurrencies is a nuanced issue. While the mere possession of digital assets does not incur tax obligations, the sale of cryptocurrencies for profit triggers taxation. Marcos Zocaro, an Argentine accountant, underscores that cryptocurrency transactions are considered taxable events, subject to specific tax rates determined by the Argentine Tax watchdog AFIP.

Under the existing framework, crypto assets are recognized as financial assets by AFIP, necessitating the payment of taxes based on the location of the assets. The tax liability is calculated based on the market value of cryptocurrencies as of December 31 each year, highlighting the need for compliance among cryptocurrency holders in Argentina.

Looking ahead, the exclusion of crypto-related opportunities from the omnibus bill underscores the ongoing debates surrounding cryptocurrency regulation in Argentina. Despite President Milei’s previous efforts to deregulate certain aspects of Argentine life, including allowing lease contracts to be denominated and settled in Bitcoin, the government’s decision reflects a cautious approach to balancing innovation and oversight in the burgeoning crypto industry.

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